The Royal Gazette/Bermuda Stock Exchange Index rose 30.60 points yesterday to close at 3,789.83.

BF&M gained $1.50 on volume of 700 shares to close at $17.50 and Butterfield Bank gained 25 cents to close at $45.50 on volume of 140 shares.

Argus Insurance was unchanged at $27 as investors traded 3,200 shares.

The total value of the shares bought and sold on the BSX yesterday was $104,962.25 and the overall volume of shares was 4,040.

Bermuda insurance stocks broadly advanced as analysts upped target prices in anticipation of rate increases.

PXRe reversed recent declines and jumped 5.68 percent to $10.80, PartnerRe was up 4.37 percent to $63.72 and Montpelier Re also gained 3.4 percent to finish at $20.10.

XL Capital, which was due to release its earnings last night, gained 3.12 percent to close at $64.06 while IPC Re gained 3.05 percent to end at $26.38.

The BSX Insurance Index, which tracks Bermuda-based publicly traded insurers, gained 21.5 points or

2.02 percent to close at 1,088.16.